The week of the economic summit also brought a rare bit of good news: an easing of business borrowing costs. New York's Morgan Guaranty Trust Co., the nation's fifth largest bank, quickly followed by Chase Manhattan, the third largest, cut lending rates to the most credit-worthy corporations to 11¾%, from a record 12%. It was the first drop in this "prime" rate since March. Officers of First National City called the move premature. But the guessing among moneymen is that the other banks will eventually follow.
Otherwise, the business news continued gloomy. The stock market, which spurted two weeks ago on anticipation...
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